And Paul is paying himself!
Loan - 75,733
Balance - 40,082.72
PLUS
Operating Expenses
Compensation 45,000.00
Director Fees 2,000.00
Total Rent Expense 5,610.00 (Paul owns everything)
Net Income -203,211.09 (Nine months)
NOTE 7 – RELATED PARTY TRANSACTIONS
On March 6, 2020, Company entered contract to purchase 37 Antminer T17+ 55 TH/s bitcoin miners,
electrical infrastructure, and installation at the RINK facility in Canada. This purchase was funded by Xtra
Crypto Mining Inc, a solely owned corporation by CEO Paul Knudson. See NOTE 11: SUBSEQUENT
EVENTS
As of January 1, 2020, Company obtained the right, but not the obligation, to lease Wonka #3 and
Wonka #4 by assuming each unit’s lease from The Pines Townhomes LLC at rate of $345/month as
storage units to reserve the space and allocation of electrical power capacity from Protocall
Technologies Incorporated. The Pines Townhomes LLC is a real estate investment company owned by
CEO Paul Knudson.
On July 1, 2019, the Company negotiated an increase to 2.5MW for $58,471.34 to increase ROU to
$582,600 and operating lease liabilities of $349,560 and the option to lease up to an additional 7.5MW
on the same terms. The lease liabilities will commence upon installation of the electrical infrastructure
and will continue for a period of 5 years. The Company pays a nominal storage unit rental rate to reserve
leasehold until electrical is distributed to unit. The Company leases from The Pines Townhomes LLC
which is a real estate investment company owned by CEO Paul Knudson.
On October 16, 2019, the Company obligated itself to issue 1,000,000 shares of Preferred Series E stock
in exchange for the conversion of $1,000,000 of outstanding debts into 1,000,000 shares of Preferred
Series E stock. $100,000 of the converted debt consisted of “Assumed Payables – XTRA merger” of
$32,208.11 that were assumed by Paul Knudson personally and accrued compensation liability of
$67,791.89 that was converted into 100,000 shares of “restricted securities” Series E Preferred stock to
be issued to CEO Paul Knudson.
Subsequently, the Company issued the 1,000,000 shares of Preferred Series E stock on January 23, 2020.
NOTE 8 – MANAGEMENT
The following table sets forth the names and positions of our executive officers who have served durin
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